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SPX Proxy Fight Looms on Bonuses

By

Joann S. Lublin Staff Reporter of THE WALL STREET JOURNAL

Updated Nov. 15, 2004 12:01 a.m. ET

SPX Corp., a diversified industrial manufacturer with $5.08 billion in revenue last year, is the target of a planned proxy fight by its third-largest shareholder, investment firm Relational Investors LLC.

Headed by veteran shareholder activists Ralph Whitworth and David Batchelder, Relational in its draft proxy statement alleges that the SPX board adjusted a bonus plan to generate unjustified rewards for management and independent directors last year. Relational, based in San Diego, expects to file proxy materials today...